Figures in Rand thousand	Notes	Unaudited for the six months to 31 January 2023	Unaudited restated* for the six months to 31 January 2022
Continuing operations
Revenue	6	3 214 962	2 979 854
Cost of sales		(2 281 055)	(2 118 847)
Gross profit		933 907	861 007
Net financial asset impairment reversals	8	5 804	4 157
Operating expenses		(829 355)	(702 778)
Operating profit		110 356	162 386
Investment income		4 579	4 446
Finance costs		(102 237)	(97 129)
Profit before taxation		12 698	69 703
Taxation		(49 662)	(29 847)
(Loss)/profit for the period from continuing operations		(36 964)	39 856
Profit/(loss) for the period from discontinued operations	9	31 634	(17 679)
(Loss)/profit for the period		(5 330)	22 177
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translation of foreign operations^		(28 095)	14 184
Total comprehensive (loss)/income for the period		(33 425)	36 361
(Loss)/profit attributable to:
Owners of EOH Holdings Limited		(7 038)	21 139
Non-controlling interests		1 708	1 038
		(5 330)	22 177
Total comprehensive (loss)/income attributable to:
Owners of EOH Holdings Limited		(29 338)	35 210
Non-controlling interests		(4 087)	1 151
		(33 425)	36 361
From continuing and discontinued operations (cents)
(Loss)/earnings per share		(3)	8
Diluted (loss)/earnings per share		(3)	7
From continuing operations (cents)
(Loss)/earnings per share		(14)	14
Diluted (loss)/earnings per share		(14)	14

*	Comparative figures previously reported have been amended to reflect the effects of the bonus element of the renounceable rights offer to qualifying shareholders. Further detail regarding this transaction is provided in note 15.
^	This component of other comprehensive income does not attract any tax.

Figures in Rand thousand	Notes	Unaudited at 31 January 2023	Audited at 31 July 2022
Assets
Non-current assets
Property, plant, equipment and right-of-use assets		151 475	184 788
Intangible assets		90 192	83 515
Goodwill	11	674 574	674 574
Other financial assets		15 000	18 150
Deferred taxation		109 306	105 705
Finance lease receivables		4 546	10 723
		1 045 093	1 077 455
Current assets
Inventories	12	82 721	90 122
Other financial assets		50 171	13 851
Current taxation receivable		33 999	35 095
Finance lease receivables		70 630	70 592
Trade and other receivables		2 007 337	1 828 655
Cash and cash equivalents		236 686	410 955
		2 481 544	2 449 270
Assets held for sale	13	74 573	225 532
Total assets		3 601 210	3 752 257
Equity and liabilities
Equity
Stated capital	15	4 217 285	4 217 285
Shares to be issued to vendors		–	393
Other reserves		465 067	494 754
Accumulated loss		(4 683 725)	(4 678 738)
Equity attributable to the owners of EOH Holdings Limited		(1 373)	33 694
Non-controlling interests		22 273	26 360
Total equity		20 900	60 054
Liabilities
Non-current liabilities
Other financial liabilities	16	500 349	496 486
Lease liabilities		37 837	51 438
Deferred taxation		38 933	28 258
		577 119	576 182
Current liabilities
Other financial liabilities	16	896 047	937 876
Current taxation payable		16 273	36 481
Lease liabilities		38 894	55 449
Trade and other payables		1 837 549	1 700 828
Provisions	17	192 202	315 751
		2 980 965	3 046 385
Liabilities directly associated with assets held for sale	13	22 226	69 636
Total liabilities		3 580 310	3 692 203
Total equity and liabilities		3 601 210	3 752 257

Figures in Rand thousand	Stated capital	Shares to be issued to vendors	Other reserves	Accumulated loss	Equity attributable to the owners of EOH Holdings Limited	Non- controlling interests	Total equity
Audited balance at 1 August 2021	4 217 285	393	598 500	(4 658 537)	157 641	20 153	177 794
Profit for the period	–	–	–	21 139	21 139	1 038	22 177
Other comprehensive income	–	–	14 071	–	14 071	113	14 184
Share-based payments	–	–	9 139	–	9 139	–	9 139
Unaudited balance at 31 January 2022	4 217 285	393	621 710	(4 637 398)	201 990	21 304	223 294
Audited balance at 1 August 2022	4 217 285	393	494 754	(4 678 738)	33 694	26 360	60 054
(Loss)/profit for the period	–	–	–	(7 038)	(7 038)	1 708	(5 330)
Other comprehensive loss	–	–	(22 300)	–	(22 300)	(5 795)	(28 095)
Transfers within equity*	–	(393)	(1 658)	2 051	–	–	–
Share-based payments	–	–	(3 500)	–	(3 500)	–	(3 500)
Share-based payments paid out during the period	–	–	(2 229)	–	(2 229)	–	(2 229)
Unaudited balance at 31 January 2023	4 217 285	–	465 067	(4 683 725)	(1 373)	22 273	20 900

Notes

15

*	Transfers within equity are transfers from shares to be issued to vendors for expired shares and share-based payments reserve on disposed companies.

Figures in Rand thousand	Notes	Unaudited for the six months to 31 January 2023	Unaudited for the six months to 31 January 2022
Cash flows from operating activities
Cash generated from operations	19	4 676	257 611
Investment income received		4 607	5 194
Interest paid		(89 565)	(94 321)
Taxation paid		(57 943)	(44 300)
Net cash (outflow)/inflow from operating activities		(138 225)	124 184
Cash flows from investing activities
Additions to property, plant and equipment		(20 258)	(31 257)
Proceeds on the sale of property, plant, equipment and intangible assets		1 167	5 736
Intangible assets acquired		(24 712)	(27 436)
Cash receipt from disposal of businesses, net of cash given up		92 117	77 868
Increase in restricted cash		(112 768)	(77 249)
Decrease in restricted cash		107 556	4 094
Net cash inflow/(outflow) from investing activities		43 102	(48 244)
Cash flows from financing activities
Repayment of other financial liabilities		(104 120)	(3 950)
Principal elements of lease payments		(31 958)	(55 080)
Net cash outflow from financing activities		(136 078)	(59 030)
Net (decrease)/increase in cash and cash equivalents		(231 201)	16 910
Cash and cash equivalents at the beginning of the period		410 955	437 237
Assets held for sale at the beginning of the period		47 412	88 444
Assets held for sale at the end of the period		(28 658)	(116 089)
Exchange losses on cash and cash equivalents		(6 462)	(2 527)
Cash and cash equivalents at the end of the period		192 046	423 975

Cash and cash equivalents includes bank overdrafts of R45 million (period ended 31 January 2022: Rnil).

The reportable segments of the Group have been identified based on the nature of the business activities. The business is managed in three major segments and this remains consistent with the prior period. This basis is representative of the internal structure of the Group for management purposes. The Chief Operating Decision Maker (“CODM”) is the Group Executive Committee.

iOCO is an information technology (“IT”) business focused on traditional and cutting-edge technology system integration with a range of solutions, products and services across the IT value chain.

NEXTEC consists of various businesses focused on business process outsourcing and intelligent infrastructure at various stages of incubation for growth and scaling.

IP comprised a group of high-potential intellectual property companies with scaled technology ready to take to market with partners. The last of the IP businesses were sold in the prior financial year and all prior period results for IP are shown as discontinued operations.

The CODM is not presented with secondary information in the form of geographic information, and, as a result, geographic information is not disclosed in the segment results. Liabilities and assets are also not regularly provided to the CODM and are not disclosed in the segment results.

Adjusted EBITDA is defined as profit/loss before depreciation, amortisation, share-based payments, gain/loss on disposal of subsidiaries and associates, impairments of non-financial assets, loss on disposal of assets, changes in fair value of vendors for acquisition liability, interest income, interest expense, corporate overheads and current and deferred tax.

Revenue, gross profit and adjusted EBITDA

	Unaudited for the six months to 31 January 2023						Unaudited for the six months to 31 January 2022
Figures in Rand thousand	iOCO	NEXTEC	IP	Recon-   ciliation^	Total		iOCO	NEXTEC	IP	Recon-   ciliation^	Total
External	2 359 924	883 894	—	—	3 243 818		2 304 576	907 154	299 745	—	3 511 475
Hardware sales	176 193	259 099	—	—	435 292		145 009	172 465	5 124	—	322 598
Services	1 820 238	609 785	—	—	2 430 023		1 871 874	709 775	291 268	—	2 872 917
Software/licence contracts	357 667	6 464	—	—	364 131		270 542	4 784	3 150	—	278 476
Rentals	5 826	8 546	—	—	14 372		17 151	20 130	203	—	37 484
Intersegment	61 206	12 349	—	(73 555)	—		101 853	32 292	2 365	(136 510)	—
Hardware sales	2 784	1 119	—	(3 903)	—		12 955	1 459	—	(14 414)	—
Services	50 509	11 230	—	(61 739)	—		77 622	30 833	2 365	(110 820)	—
Software/licence contracts	7 259	—	—	(7 259)	—		9 987	—	—	(9 987)	—
Rentals	654	—	—	(654)	—		1 289	—	—	(1 289)	—
Gross revenue	2 421 130	896 243	—	(73 555)	3 243 818		2 406 429	939 446	302 110	(136 510)	3 511 475
Gross profit	725 758	273 309	—	(65 123)	933 944		697 596	271 805	154 686	(75 542)	1 048 545
Gross profit (%)	30.0%	30.5%	—	—	28.8%		29.0%	28.9%	51.2%	—	29.9%

^	Reconciliation comprises elimination of intersegment transactions.

The above table comprises both continuing and discontinued operations.

	Unaudited for the six months to 31 January 2023						Unaudited for the six months to 31 January 2022
Figures in Rand thousand	iOCO	NEXTEC	IP	Recon-   ciliation^	Total		iOCO	NEXTEC	IP	Recon-   ciliation^	Total
Adjusted EBITDA	239 336	28 290	—	(97 064)	170 562		244 918	47 069	64 067	(16 567)	339 487
Adjusted EBITDA (%)	9.9%	3.2%	—	—	5.3%		10.2%	5.0%	21.2%	—	9.7%
Material expenses included in adjusted EBITDA:
Employee costs	1 123 798	334 435	—	110 751	1 568 984		1 137 137	374 765	148 372	96 058	1 756 332

^	Reconciliation comprises elimination of intersegment transactions and includes head office expenses.

The above table comprises both continuing and discontinued operations.

Adjusted EBITDA reconciliation

Figures in Rand thousand	Notes	Unaudited for the six months to 31 January 2023	Unaudited for the six months to 31 January 2022
Operating profit		141 962	167 122
Operating profit from continuing operations		110 356	162 386
Operating profit from discontinued operations	9	31 606	4 736
Depreciation		50 836	88 445
Amortisation		11 872	26 254
IAS 36 impairment losses on non-financial assets*		—	619
IFRS 5 remeasurement to fair value less costs to sell*		2 616	41 948
Loss on disposal of intangible assets and property, plant and equipment		592	3 308
Share-based payment expense		4 835	9 139
Write-off of vendors for acquisition	16	(188)	—
(Profit)/loss on disposal of subsidiaries and equity-accounted investments		(41 963)	2 652
Adjusted EBITDA		170 562	339 487

*

Comparative amounts of impairment losses on non-financial assets have been disaggregated further to disclose such impairments related to IAS 36 impairments of goodwill and IFRS 5 remeasurements to fair value less costs to sell to more accurately reflect the nature of impairment losses on non-financial assets.